The political and economic theory that advocates for the collective ownership of the means of production is socialism. This theory seeks to promote social welfare and reduce economic inequality by suggesting that key industries and resources should be owned or regulated by the community or state rather than by private individuals. In a socialist system, wealth and power are redistributed to ensure that all citizens have access to essential services and opportunities. Socialism can take various forms, ranging from democratic socialism, which emphasizes political democracy alongside social ownership, to more authoritarian forms where the state controls significant aspects of the economy.